🗞 Daily Crypto News, July, 31st💰

$500K, 60 Lawyers: Filing Reveals Costs of Bitfinex’s Fight With NY Regulators ;
Live: Crypto, Blockchain Hearing at US Senate Banking Committee ;
Importer of Bitmain’s Bitcoin Miners Draws Criminal Investigation in Russia ;
VP of Engineering Tim Wagner Becomes Latest Exec to Leave Coinbase ;
Major Indian Trade Organization Speaks Out Against Proposed Crypto Ban ;
📑 Daily Crypto Calendar, July, 31st💰
STEEM Trading Update

Welcome to the Daily Crypto News: A complete Press Review, Coin Calendar and Trading Analysis. Enjoy!

🗞 $500K, 60 Lawyers: Filing Reveals Costs of Bitfinex’s Fight With NY Regulators

Bitfinex and Tether have spent half a million dollars just on finding documents for the New York Attorney General’s (NYAG) office, a new letter by its lawyers says.

In the letter filed with the New York Supreme Court Tuesday, attorneys Jason Weinstein and Charles Michael of Steptoe and Johnson LLP, and David Miller and Zoe Phillips of Morgan, Lewis and Bockius LLP, urged Judge Joel M. Cohen to rule against immediately compelling the crypto exchange and stablecoin issuer to produce all the documents the NYAG demanded.

Cohen previously ruled that Bitfinex and Tether would need to preserve and turn over a subset of those documents, staying the rest of the NYAG’s injunction.

🗞 Live: Crypto, Blockchain Hearing at US Senate Banking Committee

During today’s United State Senate Banking Committee hearing on the regulatory framework for cryptocurrencies and blockchain, Cointelegraph will be updating live with the most important developments.

The July 30 hearing, titled “Examining Regulatory Frameworks for Digital Currencies and Blockchain,” follows the previous hearings in mid-July that examined the regulatory hurdles surrounding Facebook’s Libra.

Circle CEO Jeremy Allaire will be a witness today in front of the Senate Committee on Banking, House, and Urban Affairs on behalf of The Blockchain Association, along with Rebecca M. Nelson, a specialist in international trade and finance, and Mehrsa Baradaran, a professor of law at University of California, Irvine School of Law.

For more detailed information on the witnesses, Cointelegraph has a dedicated analysis here.

🗞 Importer of Bitmain’s Bitcoin Miners Draws Criminal Investigation in Russia

The Russian Federal Customs Service has opened a criminal investigation into an importer of bitcoin miners for potential underpayment of customs fees.

The Far-East Trading and Industrial Company, or DTPK, may have failed to pay about $1.2 million on 6,012 Bitmain-manufactured ASIC miners imported from August 2017 to February 2018, according to a search warrant obtained by CoinDesk.

DTPK, based in Moscow, showed customs officers falsified documents with the incorrect prices for the equipment, which included Bitmain’s Antminer S9-13.5, L3+ and D3 models, along with power elements for them, says the search warrant, dated July 17.

🗞 VP of Engineering Tim Wagner Becomes Latest Exec to Leave Coinbase

Coinbase executive Tim Wagner is leaving the crypto exchange after slightly over a year on the job. Other high-ranking engineering staffers are leaving too, CoinDesk has learned.

Wagner, Coinbase’s vice president of engineering, will be departing in the next two weeks, a Coinbase spokesperson confirmed. The departure will leave a vacancy on the company’s leadership team.

Previously, Wagner served more than six years at Amazon Web Services, making him one of most senior alums of big tech to join the cryptocurrency industry. Wagner joined shortly after Coinbase acquired Earn.com and made Balaji Srinivasan its chief technology officer.

🗞 Major Indian Trade Organization Speaks Out Against Proposed Crypto Ban

Nasscom, a major Indain trade organization, has said that it is against a blanket ban on cryptocurrencies, which was recently proposed by a governmental panel in the country According to a report by local financial periodical The Economic Times on July 30, Nasscom commented:

"Nasscom believes that the recent proposal of the inter-ministerial committee of the government to ban all cryptocurrencies barring those that are backed by the government, is not the most constructive measure. [...] Instead, the government should work towards developing a risk-based framework to regulate and monitor cryptocurrencies and tokens.”

As per the report, Nasscom claims that crypto projects can always be tested in regulatory sandboxes prior to launch. Nasscom also reportedly believes that banning crypto will only serve to push away legitimate businesses who are already pro-compliance.

📑 Daily Crypto Calendar, July, 31st💰

Opacity (OPQ)

Opacity 1.1 features, such as folders, desktop sync, and more, released by end of July.

QuarkChain (QKC)

The token swap takes place three months after the mainnet release.

SOLVE (SOLVE)

Get the latest on our "5P" achievements (People, Product, Partnership, Pipeline, Progress). Mark your calendar for July 31 1PM UTC / 9AM EDT...

ZB (ZB)

ZB Talk meetup in São Paulo, Brazil from 14:00 - 17:00.

Substratum (SUB)

SubstratumNode v1.0.0 RC1 release expected in July.

STEEM Trading Update by my friend @cryptopassion

Here is the chart of yersterday :

Here is the current chart :

It is nice to see that we are sitting on that line since days now. I don't mean that I like that value for the STEEM but at least it looks a good level to allow the STEEM to consolidate and prepare the next move which we hope will be a nice UP.
Let's hope the BTC won't make a massive correction which will destroy that support line, this is the only risk that we have now at short term.

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